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Surge Battery Metals Announces the Acquisition of the Remaining 20% Interest in the Surge Nickel Project BC
COQUITLAM, BC / ACCESSWIRE / April 3, 2023 / Surge Battery Metals Inc. (the " Company " or " Sur...
About this update from Surge Battery Metals Inc
[{"type":"text","content":"Surge Battery Metals Announces the Acquisition of the Remaining 20% Interest in the Surge Nickel Project BCCOQUITLAM, BC / ACCESSWIRE / April 3, 2023 / Surge Battery Metals Inc. (the \"Company\" or \"Surge\") (TSXV:NILI)(OTC:NILIF)(FRA:DJ5C) is pleased to announce that it has entered into an option agreement with Nickel Rock Resources Inc. (\"Nickel Rock\") dated March 31, 2023, whereby the Company may acquire the remaining 20% interest in the HN4 and the N100 mineral claims, located in central BC (the \"Transaction\"). The Transaction is a \"related party\" party transaction and is subject to TSX Venture Exchange (\"Exchange\") approval.Previously, the Company had a Property Option Agreement to earn an undivided 80% interest in certain mineral claims from Nickel Rock (see news release dated July 8, 2021). The Project (The Surge Nickel Project) consists of two non-contiguous mineral claims groups consisting of six mineral claim blocks located in central British Columbia. One claim in the Mount Sidney Williams area (claim HN4), covers 1863 hectares immediately south of and adjacent to the Decar Project, currently being advanced by FPX Resources, and 5 claims in the Mitchell Range area, northeast of Decar, (N100 Group) covering 8659 hectares. Therefore, as a result of the consolidation Agreement, Surge Battery Metals will own a 100% undivided ownership in the claims (three of the claims are subject to 2% NSR, including the HN4 claim and the two southernmost claims of the N100 claim group). Both projects target the nickel/iron alloy mineral \"Awaruite\" and are hosted by serpentinized intrusive rocks of the Trembleur Ultramafic Unit that also hosts, regionally, two large scale nickel/iron deposits under exploration and development by FPX Nickel Corp.Consideration Payable to Nickel Rock: Upon the payment of 1,000,000 commons shares of the Company and in consideration of Surge having fully completed the terms of the underlying Option Agreement dated July 8th, 2021, Nickel Rock shall transfer 100 % interest in the claims the Surge. All securities issued in connection with the Transaction are subject to a four month and a day hold period in accordance with applicable Canadian Securities Laws.Pursuant to TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"),...